Real Estate Articles

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Data vs Knowledge

In real estate there is a sheer difference between data and knowledge. I consider data in real estate to be the information that is available on the computer. Examples of data would be the Multiple Listing Service, Zillow and statastics from the state, government and financial industry. Knowledge in real estate is knowing how to understand, explain it and use it in the best interest of my clients. In real estate, listings are input into the Multiple Listing Service which is given data from agents. The multiple listing service also pulls data from title companies, so information can be cross- referenced. Some of the areas in real estate where is data is being shared is companies are testing going paperless and allowing all information of a deal to be available to buyers, sellers, agents, escrow officers, loan officers and administrative staff. In the past, there is some personel information of our clients that is not always given to the other agents or other parties involved. An example would be if I was representing a buyer, normally I do not have access to the all the seller's information. Also buyers normally do not have information on sellers, as sometimes this could lead to buyer and sellers doning deals without the agents.

Real estate in the last years has become more of a data sharing industry. Recently a decision was made that will allow agents up and down the coast to California to have acccess to listings. Licensed California agents have always been able to sell anywhere in California, we just did not have access. As data has expanded, I feel knowledge sharing in on it's way. Agents have to work smarter and faster in today's market and we need to find ways to set us from the rest. Sometimes that is learning something unique from someone who has seen many, many years in the industry can save time or keep a deal together.

As far as know sharing, I heard something great at a class the other day-" Hang on the knowledge, people are smart and will find a way around it and do it better." Hoarding knowledge is not going to help anyone excel. I feel knowledge security still needs to maintain in regard to personal information in a deal. Really on the professional should have access to everything.

Technology Social Issues effecting Real Estate

I believe one of biggest social issue in real estate is computer crime and abuse. I feel it stems from the all the data that is available from the web. United States chooses to make no restrictions on what data can be collected or how it can be used. There are companies like ChoicePoint which has lots of personal information on about 19 million individuals. Their information is criminal records, driver’s records, credit and employment histories, police records, professional licenses and insurance claims. ChoicePoint does sell off the information to businesses. In the past, people posed as businesses and were given vital personal information and able to set up fraudulent accounts. I would have thought that ChoicePoint would have taken some social responsibility into the information that they would sell to others. As we have seen in the past, money has people looking beyond what is the right thing to do. If any of the ChoicePoint executives had sat down for a moment and thought “What of my personal information would I not be comfortable in others having?”, then may have been more restraint. I believe the European Union understands that here needs to be restraints to the use of personal information. I think the United States, should follow them when it comes to accountability, liability and control on information. I believe that most people do not understand how much of their personal information is being obtained. It appears that information is being obtained when a website is visited, order is made, banking or shopping or a search is done. Internet shopping (e commerce) has increased the amount of information that is collected on people. Until chapter 4 in the book, I did not know Google scanned on the emails of their customers. This was a surprise for me and a shock at how much information they have been receiving from my emails. I use my gmail account for personal and business use. My emails are filled with contracts and personal client information. Sometimes, there are bank account numbers or credit card numbers. The European Union has created and enforces informed consent and directs companies to inform people when information was collected and disclose how it will be stored and used. Some of the websites in the US use privacy policies, but they are not governed by anyone. I believe there needs to clearer disclosures made to consumers as to where and how their information will be used. People need to know exactly what they are getting into. The web is becoming a vehicle that many people use but may not understand all the intricacies and hazards that of part of this new way of life. I do not feel companies explain clearly as what information they are obtaining and how they will use it. Our future is leading to more time and information on the internet, the US and companies need to make a joint effort to begin to protect people, so we can use the web safely and continue to grow globally.